Great Love, Low Risk, High Reward
As a baby boom entrepreneur, I am always concerned about trying to bring other boomers with me into the sometimes crazy world of a second career. What concerns me most is the disturbing number of baby boomers who begin a second career only to spend too much of what they can’t afford to gain what they really don’t want. Ultimately these boomers quit their second career and settle for “traditional retirement.”
I certainly don’t want to be the one who encouraged another boomer to jump into the deep end only for them to nearly drown and never enjoy the pool again. However, in our ever changing economic climate, most of us need to consider some form of second career to maintain our life-style and provide us with the ability to give back in the second half of our lives.
In light of these thoughts, I would suggest three things to look at in choosing your second career:
- First, and in my opinion foremost, find something to do that you love. If more than 80% of working people don’t like their jobs, then way would you spend your second career doing the same thing? What would you do if money were not an issue? Find a way to do that AND find a way to get paid to do it.
- Look for something that allows you to begin with minimal risk. Many, if not most, boomers don’t enter their retirement years with “deep pockets.” Most of us are ordinary people who want our second careers to count while minimizing any risk to our hard earned funds. Be careful to consider all the costs in both money and time. Find a way to get started without spending more of either than you can afford.
- Look for something that can produce high rewards. Now, like success, the definition of “high rewards” varies greatly. You must define what “high rewards” means to you and then align your second career with that definition. When you let someone else define for you what is reward and how much you should have, you become enslaved by their definition rather than liberated by yours.
Many baby boomers spent their first career living out the dreams of those they worked for. We created success for others while putting ours off until later. Well, later has just shown up and now it is time for us to establish our own definition of success and follow after our dreams. Find what you love, work hard and with low risks, and gain the high rewards you deserve!
Talk more later ….
Tags: baby boom entrepreneur, baby boomer, high reward, low risk, second career
Your points are “right on”.
If you are doing something you love, the rewards will follow. Maybe later and maybe not quite how you had expected, but if you are excited to get to work every day, if you have not committed too many of your family’s resources, and if you have the luxury of being able to “play” for a while as you build, you will be happy and enjoy success.
I almost feel like you are speaking directly to me. Your final paragraph is oh so true and such a wake up call. I just recently “went for it”. I don’t know that I am drowning but I am not living it up per say, but Lord knows I am having fun. That is what life is about. Someone who convinced me to go for it once said “even if your business adventure fails, you still have your life”. I always loved that and always will. Let’s not forget when you die, you are worth exactly $0. : )
I read over and over again how we, the baby boomers are causing the collapse of the western world by our self indulgent ways! Then I read that the younger generation feels we put them down because they feel that it is more important to get something out of life rather than working for the big bucks.
I work from home and enjoy the freedom. Is this so different than wanting to get something from life? Life is too short (and seems to be getting shorter) to not enjoy it!